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Crude Testing Daily Lows on Demand Concern and Stronger USD

OIL

Brent crude front month falling back again to test the lows of the day at 83.14$/bbl and the lowest since 25 August after pulling back from over 86$/bbl yesterday. WTI is falling towards the earlier low of 78.83$/bbl with a stronger US dollar and with market focus on global demand concerns.

  • Key Brent Jan24 contract support is at the Oct 6 low at 82.20$/bbl and WTI Dec23 at the Aug 29 low of 78.51$/bbl.
  • Moves in the times spread are more muted and holding just below the previous close levels.
    • Brent JAN 24 down -2.3% at 83.23$/bbl
    • WTI DEC 23 down -2.3% at 78.94$/bbl
    • WTI-Brent up 0.05$/bbl at -4.49$/bbl
    • Brent JAN 24-FEB 24 down -0.03$/bbl at 0.36$/bbl
    • Brent JUN 24-DEC 24 down -0.07$/bbl at 2.18$/bbl
    • WTI DEC 23-JAN 24 unchanged at 0.22$/bbl
    • WTI DEC 23-DEC 24 down -0.15$/bbl at 4.12$/bbl

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